HOLIDAY RECREATION SYSTEM: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HOLIDAY RECREATION SYSTEM
Largest movements
- Receivables within one year +€14,980
up €14,980 (+57.6%), from €26,005 to €40,985
of which Trade receivables: +€8,370
- Cash -€3,084
down €3,084 (-83.2%), from €3,707 to €623
mainly Net result for the year (-€17,817) and Receivables within one year (-€14,980)
- Profit (loss) carried forward -€17,817
down €17,817 (-30.3%), from €58,709 to €40,892
- Trade debts +€15,851
up €15,851 (+57.7%), from €27,474 to €43,325
- Short-term financial debts +€12,324
new in 2025: €12,324
- Tax, wage and social debts +€1,876
up €1,876 (+81.0%), from €2,316 to €4,192
of which Taxes: +€3,149
- Gross operating margin -€28,656
down €28,656 (-83.5%), from €34,316 to €5,660
- Staff costs -€18,842
down €18,842 (-67.3%), from €28,009 to €9,167
- Depreciation -€2,809
down €2,809 (-25.1%), from €11,204 to €8,395
- Financial charges +€637
up €637 (+32.3%), from €1,971 to €2,608
- Other operating charges +€392
up €392 (+13.4%), from €2,916 to €3,307
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €144,450 | €157,126 | +€12,675 | +8.8% |
| Fixed assets | 21/28 | €114,054 | €115,166 | +€1,111 | +1.0% |
| Tangible fixed assets | 22/27 | €113,842 | €114,954 | +€1,111 | +1.0% |
| Land and buildings | 22 | €36,464 | €36,464 | = | 0.0% |
| Plant, machinery and equipment | 23 | €48,995 | €48,140 | -€856 | -1.7% |
| Furniture and vehicles | 24 | €1,471 | €957 | -€514 | -34.9% |
| Assets under construction and advance payments | 27 | €26,912 | €29,393 | +€2,481 | +9.2% |
| Financial fixed assets | 28 | €212 | €212 | = | 0.0% |
| Current assets | 29/58 | €30,396 | €41,960 | +€11,564 | +38.0% |
| Amounts receivable within one year | 40/41 | €26,005 | €40,985 | +€14,980 | +57.6% |
| Trade receivables | 40 | €19,923 | €28,293 | +€8,370 | +42.0% |
| Other amounts receivable | 41 | €6,082 | €12,692 | +€6,610 | +109% |
| Cash at bank and in hand | 54/58 | €3,707 | €623 | -€3,084 | -83.2% |
| Deferred charges and accrued income | 490/1 | €684 | €352 | -€331 | -48.5% |
| Total equity and liabilities | 10/49 | €144,450 | €157,126 | +€12,675 | +8.8% |
| Equity | 10/15 | €112,370 | €94,554 | -€17,817 | -15.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €35,069 | €35,069 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €33,210 | €33,210 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,709 | €40,892 | -€17,817 | -30.3% |
| Amounts payable | 17/49 | €32,080 | €62,572 | +€30,492 | +95.0% |
| Amounts payable within one year | 42/48 | €29,790 | €59,841 | +€30,051 | +101% |
| Financial debts | 43 | - | €12,324 | +€12,324 | |
| Credit institutions | 430/8 | - | €12,324 | +€12,324 | |
| Trade debts | 44 | €27,474 | €43,325 | +€15,851 | +57.7% |
| Suppliers | 440/4 | €27,474 | €43,325 | +€15,851 | +57.7% |
| Taxes, remuneration and social security | 45 | €2,316 | €4,192 | +€1,876 | +81.0% |
| Taxes | 450/3 | €97 | €3,245 | +€3,149 | +3,253% |
| Remuneration and social security | 454/9 | €2,219 | €947 | -€1,272 | -57.3% |
| Accrued charges and deferred income | 492/3 | €2,291 | €2,731 | +€441 | +19.2% |
| Remuneration, social security and pensions | 62 | €28,009 | €9,167 | -€18,842 | -67.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,204 | €8,395 | -€2,809 | -25.1% |
| Other operating charges | 640/8 | €2,916 | €3,307 | +€392 | +13.4% |
| Gross operating margin | 9900 | €34,316 | €5,660 | -€28,656 | -83.5% |
| Operating profit (loss) | 9901 | -€7,813 | -€15,209 | -€7,396 | -94.7% |
| Financial income | 75/76B | €2 | €1 | -€2 | -74.9% |
| Recurring financial income | 75 | €2 | €1 | -€2 | -74.9% |
| Financial charges | 65/66B | €1,971 | €2,608 | +€637 | +32.3% |
| Recurring financial charges | 65 | €1,971 | €2,608 | +€637 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | -€9,782 | -€17,817 | -€8,035 | -82.1% |
| Profit (loss) for the period | 9904 | -€9,782 | -€17,817 | -€8,035 | -82.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,782 | -€17,817 | -€8,035 | -82.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.